SBI Life Insurance launches new ULIPs

Leading the array of Unit Linked Life Insurance Plans (ULIPs) being introduced, SBI Life, the leading new generation life insurer, has launched Smart Performer and Unit Plus Super. These products are part of the new range that would address long term wealth-creation and protection needs of varied customer segments.
In compliance with the new IRDA guidelines, these newly launched ULIPs are equipped with enhanced features such as benefits of higher protection, multiple investment options and a wide range of riders offering additional protection. Guaranteed Additions, Lower Charges , Convenient Partial withdrawals and Premium Redirection are the hallmarks of Unit Plus Super. Automatic Rebalancing and Highest daily NAV Guarantee are the key customer friendly differentiators of Smart Performer

Mr. M. N Rao, MD & CEO, SBI Life Insurance said ‘The new range provides customers, across socio-economic profile, a stronger rationale to participate in equity markets and benefit in long term from India’s sustainable growth story. Customer will find that the new range is highly beneficial as it further reinforces the proposition of security and long term wealth creation ’.

A unique daily NAV Guarantee ULIP, SBI Life Smart Performer offers policy holder 5% higher than highest NAV during the first seven year or NAV at Maturity, whichever is higher. A “Automatic Rebalancing” mechanism under Secure & Growth plan allows customer to avail the potential of higher gains. 80% of the premium is allocated to the Daily Protect Fund and the balance in Index Fund, allowing for higher participation in equity. Gains higher than 15% from Index Fund, are auto-transferred to the Daily Protect Fund. Using CPPI, the asset allocation under Daily Protection Fund is dynamically rebalanced to provide a guarantee of 105% of the highest NAV. The policy holder can opt for Secure Plan or Secure & Grow Plan. The plan is available as a regular premium, 5–year limited premium payment term or single premium option.